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Homeowner Financing Options for Garden Suites in Ontario
Adding a garden suite (Accessory Dwelling Unit) increases property value, creates rental income, and adds flexible living space. The biggest question homeowners have is simple — How do I pay for it?
1. Home Equity Line of Credit (HELOC)
How it works: Borrow against your home's equity and pay interest only on the amount used.
✔ Lower interest rates
✔ Flexible during construction
✔ Ideal for phased builds
2. Mortgage Refinance
Replace your existing mortgage with a larger one and receive cash.
- Single monthly payment
- Lower long-term rates
- Up to 90% post-construction value
3. Canada Secondary Suite Loan
Federal program supporting secondary suites.
Up to $80,000 loan • ~2% interest • 15 year term
4. Construction / Renovation Loan
Funds released in stages — foundation, framing, finishing.
- Better cash flow
- Good for custom builds
- Converts to mortgage
Quick Comparison
| Option | Best For | Pros | Cons |
|---|---|---|---|
| HELOC | Flexible access | Low rates | Variable interest |
| Refinance | Lump sum | Single payment | Resets mortgage |
| Federal Loan | Low cost | 2% interest | $80K limit |
| Construction Loan | New builds | Stage funding | Paperwork |
| Private Lender | Fast approval | Flexible | Higher rates |
Plan Your Garden Suite
Get cost estimate, financing advice, and eligibility review.
- ✔ Free consultation
- ✔ Permit guidance
- ✔ Rental income estimate
